Could you pay less for Auto Insurance?
One way to save on your car insurance premiums this year would be to increase your deductible. You will be betting that you don’t need to file a claim and pay the out-of-pocket deductible so you’ll have to weigh the options carefully. Your insurance agent can help you think that through.
Would your Homeowners Insurance really cover your losses?
As you evaluate whether or not your home is properly insured, try to estimate the cost to rebuild if your home were to be destroyed by fire or some other disaster. Don’t forget to factor in what you would do if your home were uninhabitable during re-building, and consider the costs involved. Comparing this to your insurance coverage for structural repair/replacement and living expenses will help you decide if you need policy changes.
You’ll also need to think about your liability – the possible consequences of someone being injured or even killed on your property and what might be your financial responsibility. A less dire circumstance would be the cost to cover damages to the belongings of someone on your property.
Then there is the possibility that your own family’s belongings might be destroyed or stolen. Estimating the cost of replacement could be daunting unless you have a current home inventory in place that itemizes all your belongings with descriptions, value, etc.
Once you have gathered all the information, you should have a fairly accurate idea of what your Homeowners Insurance would need to cover. It’s now time to sit down with your insurance agent who can explain all your options and help you arrive at the best insurance coverage to meet your needs.
Would your Life Insurance really protect your loved ones?
If you have Life Insurance, is your policy for Term Insurance which only pays if death occurs before the term expires or Permanent Insurance which accrues value that does not expire? Do you know the Face Value of your policy? If it is a term policy, do you know the length of the term and when it expires? If it is a permanent policy, do you know the Cash Value? All of these details are important as you take stock of your Life Insurance for the new year. You might also give thought to your currently designated beneficiary and decide whether you wish to make a change. The final thing to consider is whether the face value of your Life Insurance adequately covers the needs of those who depend upon you. Have your circumstances changed over the past year with a new job, expanded family, new home or other situations that might increase the amount you’d need to provide to your survivors? Then, with all of this information in mind, your insurance agent can ask the right questions and provide the right advice to help you change your policy if/as necessary.
Congratulations! With all of this complete, you will be ready to roll into the new year without worrying about how you could handle the unexpected.
Here at Schaefer & Delauder Insurance Services in Germantown and Frederick, MD, our experienced agents welcome your questions and can assist you by reviewing your current insurance coverage and helping you to exploring your insurance options. Why not contact us at your convenience?